Scotiabank Timeline

By Decade

1832 - Founding - A group of Halifax merchants meet to discuss the need for a "public bank" as an alternative to the privately owned Halifax Banking Company and make a petition to the House of Assembly.

It is successful and The Bank of Nova Scotia is founded on March 30 when its Act of Incorporation is given Royal Assent.

1832 - Double Liability - The Bank's charter is the first in Canada to include provision for the double liability of shareholders. This means that shareholders would be held accountable to a greater degree for the debts of the Bank should it fail.

This provides protection to the public and incentive to the shareholders to act prudently.

1832 - First President

The newly elected board of 13 selects the Honourable William Lawson as the first President of the Bank. He serves as President until 1837.

1832 - Bank Notes - The Bank of Nova Scotia’s first bank notes are issued in Nova Scotia pounds in denominations of £1.10, £2, £2.10, £5 and £10.

Canadian chartered banks could issue their own bank notes prior to January 1, 1945.

1832 - Open For Business - The Bank opens for business on August 29 with a staff of four consisting of a Cashier, two Tellers and a Messenger.

It is located in a stone building at the corner of Granville and Duke Streets in Halifax, owned by John Romans.

1833 - First Dividend

The Bank's first dividend is paid on September 11, 1833. It amounts to 3 per cent of paid-up capital for the half-year ending July 31, 1833, or £1500.

1837 - Windsor Agency – The Bank establishes the first bank network in Nova Scotia when it opens its Windsor agency.

Early agents were not employees of the Bank but were paid for their services plus a commission for business conducted on behalf of the Bank.

1838 - 190 Hollis Street - The Bank moves into its first custom built premises, a two storey granite building at the corner of Hollis and George in Halifax.

In 1874 the Bank purchases the adjoining lot and expands the building, unifying the construction with a new sandstone facade.

1857 - First Accountant - James C. Mackintosh is promoted from Senior Clerk to Accountant. He is the first officer of the Bank to hold that title.

His annual salary is £125.